200 hour MA below. A cluster of resistance above
As the 5 year note auction approaches at 1 PM and the FOMC minutes at 2 PM ET, the USDJPY remains above the 200 hour MA on the downside (at 107.28 now), and below a cluster of resistance defined by the day's high and high from Feb 14 at 107.90, the 50% of the move down from the Feb high at 108.008 and a topside trend line at 108.05.
The price currently trades between those support and resistance levels at 107.646.
Traders who bought the dip against the 200 hour MA can use that level as a risk level.
Sellers who earlier sold the 107.90 swing high can use that level up to 108.05 as the risk.
What to do here in between. Flip a coin. Although for the dip buyers, I do like that fact that today the low, found buyers near the 200 hour MA AND the swing low from 2017s trading at 107.31. That makes the support holding a key, key level that found buyers today.
